Russias National Settlement Depository (NSD) from May 3 will allow clients to hold ruble settlements through Euroclear and Clearstream.
NSD says the service is expected to be popular due to a debut issue of governmental Eurobonds nominated in rubles as well as Russian corporate issuers’ settlements on ruble Eurobonds.
“This technology’s implementation goes in line with NSD’s development strategy approved in general by the company’s supervisory board in December 2010, says Eddie Astanin, chairman of the management board, NSD. This new service will contribute to increase in attractiveness of Russian ruble as a settlement currency.”
Partnering with Euroclear and Clearstream also will allow NSD customers to settle in dollars, euros, Swiss francs and British pounds.
As NSD develops a delivery-versus-payment system, the depository says it offers the electronic data interchange (EDI) technology for foreign currency control procedures to simplify the settlement process.
It recently adopted EDI technology to link with the Kazan Branch of Eurasian Registrar.
(CG)